Indian UPI payment system creates another record
August,2023 Transactions - 10.58 billion. Value - 15.34 lakh crore (~$190 billion) Visa/Master cards revenues are shrinking in Indian debit card segments. Rupay also issuing domestic credit cards and use it through UPI interface.
Lol and credit and debit cards don’t track you? In fact they are worse since they can use your details and buy things. UPI is much better than WeChat or Alipay since it’s interoperable. Google pay can send to phone pay. Icici bank can send to Citi bank. Etc. Musk is just copying what India and china did. Many innovations are happening in India / China and then USA copies. USA is just trying to come up with FedNow trying to copy UPI. I don’t think anybody uses it yet. Lol. Zelle is trash. Venmo / cash app are just checking accounts. You cannot send from venmo to cash app. It’s the same checkinhrg account with nice UI.
USA has already mastered mass surveillance in many ways, phone, watch, cameras, computers and what not.
Read the title and thought UPI transactions create extra database record
Each UPI transactions create unique record to the UPI database.
Wonder how much scamming is going on. Only too typical with these kinds of companies in India. Ps Kenya already had this kind of system many years ago. India just stole it, like they steal so many things.
What companies? UPI is run my government of India(NPCI). Private companies just build apps on top of UPI. Steal what? IMPS existed before the Kenyan systems. NEFT was launched even before IMPS in 2005 and RTGs was launched in 2004. India had electronics fund transfers back in 80s and 90s as well. Other variations are improvements on top of it. I am happy Kenyans can do banking with using their phone numbers and quick transfer but saying that India stole from Kenya is a lie.
Mera desh badal raha hai. Har Har Modi Dev
Modi Dev? You've elevated him to God now? Desh gattar mein jha raha hai. A digital payment infra isn't going to improve quality of life there.
Hmm disagree, digital payment infra did improve life of many, best example was during Covid when government was able to do direct money transfer to the poor and unemployed without any middle man, corruption and delay.
To a consumer, how it is beneficial than a credit card with rewards back on spending?
It’s easier and safer and accepted everywhere. With credit card you cannot send money to your friend. With UPI you can send money to anyone (merchant or friend). You can also link you credit account. And you don’t have to keep swiping your credit details everywhere unlike credit cards(visa MasterCard which are extremely unsafe). It’s also interoperable like email. You can send money from google pay to phone pay. Icic bank to Citi bank. Etc.
It will keep creating one after the other. UPI is revolutionary and makes other country’s financial system(especially USA) look like Stone Age. I am in US and I just transferred money to my other account using ach and I will receive it end of next week. Even the stock trades in India settle in T+0.
But isnt this sort of problem already solved by NEFT or IMPS in India. What does this has to do with UPI?
Yes but no one used NEFT/IMPS to pay at the grocery stores. UPI gives you a simple email like id which can be encoded in a QR which every god damn vendor on the street has. You can literally buy anything in India anywhere in India just by scanning QR codes and the money settles instantly. You can go to Himalayas or remote island and UPI still works. There is no merchant fees. So every merchant accepts it. You don’t have to wait for weeks for debit/credit card to arrive. UPI can be enabled on any phone(dumb or smart). UPI also works without internet using USSD. UPI is another improvement layer on top of already existing IMPS. No one uses Visa/MasterCard in India. In fact I don’t even see anyone using any card in India. Especially young people. You can even withdraw from ATM just by using UPI. But you will never need any cash in India frankly. And unlike credit / debit cards UPI is one way send only and very safe because you don’t have to share any credentials with anybody. When you swipe credit/debit cards all your info, card numbers and details go to merchant and you are just praying that the merchant doesn’t misuse it or get hacked. Every time you swipe your card. Imagine.